Meanwhile, midfielder Tiemoue Bakayoko is close to completing a move to Chelsea.
"[So] no, that's not the case, [he didn't sign a new deal]".
Kylian Mbappé enjoyed a stunning "breakthrough" last season, scoring twenty-six goals in all competitions to help Monaco clinch the French Ligue 1 title and also reach the semifinals of the UEFA Champions League.
The Daily Star claim Lemar has set his sights on a move to the Emirates and can not wait to work under Arsene Wenger. You know people have big imaginations. What we know now about Mbappe is that it's over £100m.
If Arsenal make a third offer that is considerably improved, then perhaps things could change, but the situation looks very bleak for the London club at the time of writing.
"Overall I think it is a huge advantage. Too much choice maybe, so in the end people don't move!"More news: Pipe falls on van in Orlando
But it looks as though Arsenal may have to smash their club transfer record again this summer to have any chance of landing Lemar this summer as Monaco dig their heels in.
Thomas Lemar is one of Arsenal's top targets.
Arsenal have already signed Alexandre Lacazette from Lyon in a deal that could rise to £52m, but Wenger is eyeing more attacking reinforcements as speculation surrounding Alexis Sanchez's future continues.
Federico Fazio spent last term on loan at AS Roma, making forty-eight appearances, and the Serie A outfit have now made the move permanent.
Tottenham Hotspur spokesperson said in an official statement: "We've finally reached an agreement with Roma for the permanent move of Federico".